Article Quote: "Alaq...points out the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has reserves for foreign currencies which enables it to defend the exchange rate."
That's what central banks do my friends. They defend the exchange rate. That does not matter whether it's at 1310, which they've done, or if it's going to be at whatever the Real Effective Exchange Rate is going to be in the future. They've worked this out.
This isn't something brand new. They know what they're doing. The drop the 3-zeros project is still...going to be applied.
FRANK26: "LOL!!!... GIVE IT UP ALREADY... ALAQ IS NOT GOING ANYWHERE.".........F26
The judiciary and the State Council confirm that the Governor of the Central Bank of Iraq is subject to the legal retirement age (documents)
9/18/2024
The State Council and the Supreme Judiciary settled the controversy over the continuation of the Governor of the Central Bank of Iraq, Ali Al-Alaq, in his position after reaching the legal retirement age.
The two councils confirmed in documents reviewed by Shafak News Agency that the legal age for retirement is 60 years, and upon reaching it, the duties of the official assigned to it end.
According to the documents, the House of Representatives clarified the legal position of Al-Alaq continuing in his position by addressing the State Council, which confirmed that Al-Alaq is included in the State Employees Law, noting that it had previously had an opinion on this matter on August 26, 2019.
In turn, the Supreme Judicial Council confirmed what was approved by the State Council regarding the inclusion of heads of independent bodies in the State Employees Law.
As you might remember each month, I started compiling a list of the newest events we have witnessed during a period of time. I wanted to continue this effort also for the month of September, but I am not.
Instead, I have to say it is all just about implementing the Electronic Payment and Inclusion of the banks into this new process.
I decided to save time not to list out all the articles this month. You know what they are and you read my commentaries throughout the month. But this does not downplay this effort by the CBI and the Finance Committee. They are committed now to complete this effort, and I believe they are way beyond our expectations of just where they currently stand in this effort.
Ali Al-Alaq is still the acting Director of the CBI just as we were told by my CBI contact the GOI never did accept his resignation.
The goals are still the same as they want to eliminate this Black Market corruption with the dollar and set the rate first at par with the official CBI rate.Then once this is in control, they intend to change the official rate and the rest is history as the saga of the currency swap out can then occur.
Again, in the articles today they talk about the stashes of currency outside the banking system and tell us there is that there are about 70 trillion dinars (about 50-60 billion US dollars) of free money supply, pointing out the possibility of investing it through the transition to the electronic system in financial transactions. But how will they do this? How can they get the citizens to turn over this money to the banks to get it digitized
?
Economist Qusay told Al-Maalouma told us that by focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free cash flow outside the banking system into the banking system. This is estimated at about 70 trillion dinars, or an average of 2 million dinars for every Iraqi citizen.”
We have read in the past that this effort to get this amount to the banks, could lead to an increase in liquidity in banks and increase their ability to grant through small and medium income-generating projects or by increasing the capacity for long-term strategic investment financing. So do you see the strategy yet of what Iraq is doing? In articles today they point out that and I quote – “Iraqi banks have the qualifications to switch to the electronic system, noting that “the transformation of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and increasing confidence in the Iraqi economy.”
In short summary, is this not what we all want to happen so they can pull the trigger on this revaluation and reinstatement. Just asking 😊 😊 😊.
If you want to take a look at the previous list of events for previous months, we have never seen such progress since late 2022, please click on the LINK HERE to get to this blog page to read all the other events.
